Irish raise a glass to star Dunguib

He rides hot favourite Dunguib – supposedly Ireland's next superstar – in today's opener, the Spinal Research Supreme Novices' Hurdle, and their fortunes will have significant repercussions for the recession-hit Celtic economy.

If Dunguib can win, he will be a financial saviour to all those punters who have backed Philip Fenton's seven-year-old down to odds-on favouritism. If he loses, the Cotswolds – and Ireland – will be very sober places tonight.

O'Connell, still a conditional, has described hotpot Dunguib as a "once in a lifetime horse" as he attempts to emulate the exploits of Montelado, the last horse to win the Champion Bumper at the meeting, and follow up in the Supreme 12 months later.

He was in the saddle for his ultra-impressive bumper success last year when he was still an amateur, but turned professional before Dunguib ran in the Grade One Royal Bond Novice Hurdle in December.

"The nerves are okay at the moment," said O'Connell last night. "It helps that I've ridden him in all of his races, I ride him out at home so I know him very well. The experience of last year can only help him and the fact that he is a year older, too.

"He feels a bit stronger this year. He's seven now so he's probably done all his growing, but he has maybe matured a bit.

"I only turned pro this season and to be riding him, well, he's a once in a lifetime horse, you could spend your whole career looking for a horse like this."

In the eyes of many, Get Me Out Of Here – unbeaten in four starts over hurdles – is the biggest danger and looked very classy in beating seasoned handicappers in the totesport Trophy at Newbury last month.

This week's 'banker' tip of legendary commentator Sir Peter O'Sullevan, the horse's trainer Jonjo O'Neill said: "The ground is lovely and there will no excuses on that front."

Talking of the ground, Cheltenham clerk of the course Simon Claisse is happy with the condition of the track – and has stopped watering.

"We watered on Tuesday and Wednesday last week and got the courses to good to soft, good in places, which is where they are currently sitting," he said.

The most emotional winner today could come in the Irish Independent Arkle Trophy if Henrietta Knight – the trainer of the three-times Gold Cup winner Best Mate – can win this novice championship with the highly-regarded Somersby.

She regards her stable star as a future Gold Cup winner, and skipped possible races at Doncaster last month because she could not secure a suitable jockey. Having landed the Henry VIII Novices' Chase at Sandown three months ago, normally a pivotal trial, Somersby has yet to taste defeat in two starts over fences.

"He's done everything right at home and we haven't got any complaints. He's very well, so we just keep our fingers crossed," she said. "It's a very hot race – a clear round will count for a lot so I just hope we are lucky."

Locally, Malton trainer John Quinn is bullish about the chances of Grand National hopeful Character Building in the William Hill Trophy while veteran Monkerhostin – owned by Pocklington businessman Martin St Quinton – could be a revelation in the Glenfarclas Chase over the cross-country course.

They have grounds to be cautiously optimistic. But, win or lose, this is a National Hunting Festival that, in many respects, revolves around the very first race – and whether Dunguib can reward the faith of all his legions of Irish supporters who are down on their luck. The stakes could not be higher.

This week's Cheltenham Festival in numbers

An estimated 230,000 spectators will attend the Festival, each paying between 20-80 for admission, producing almost 7m in gate receipts.

Approaching 600,000m will be staked on the outcome of the 26 races, including 1m being gambled on every race with the 250 on-course bookmakers.

Over the four days, 450 horses will run at the Festival from the 297 stables at the course with 2,000 bales of bedding being used.

There are 10 miles of running rail on the course.

During the meeting, 200 tonnes of divot mix and 100 sacks of grass seed will be used to repair the ground.

Cheltenham boasts the biggest tented village at any sporting event with 2m being spent on facilities.

A new Gold Cup is minted every year containing 10 ounces of gold and worth around 8,500.

Over 3,560,000 in prize-money is on offer at the Festival with the richest race being the Gold Cup which carries 470,000 in money.